In Friday's Asia papers

14 November 2008 01:00  [Source: ICIS news]

ASAHI SHIMBUN, Japan

 

Front page

 

Cabinet puts new budget on hold

In an effort to avoid dragging the current extraordinary Diet session beyond its scheduled Nov. 30 finish, the government will hold off attempts at passing a second supplementary budget, sources said.

 

Business & Industry

 

Sharp in trouble after massive cartel fine

Sharp Corp. will face difficulties in its business performance after agreeing to pay massive fines in a plea deal with U.S. antitrust authorities for fixing prices of liquid crystal display (LCD) panels in international "conspiracies."

 

CHINA DAILY, China

 

Front page

 

A proper house for everyone is the goal

Ye Jinxiang couldn't hide her joy while talking about a phone call she received from Luwan District Housing Security Center on Oct 28. The 52-year-old retiree was told that her application for government low-rent housing aid had been approved, and she would get a monthly subsidy of at least 620 yuan ($90) from November.

 

Wall Street stage huge rebound; Dow jumps 553 points

Wall Street launched a massive rebound Thursday, muscling the Dow Jones industrial average up nearly 553 points after driving it down near its lows for the year, as investors decided they did not want to miss out on cheap stocks.

 

Business & Industry

 

Industrial growth slows to a crawl

China's industrial growth saw a pronounced slowdown last month as the global credit squeeze and declining orders began to bite.

 

TAIPEI TIMES, Taiwan

 

Front page

 

Chen Shui-bian fasts in detention protest

Former president Chen Shui-bian has stopped eating to protest against what he called the “death of the judiciary,” his lawyer Cheng Wen-long said yesterday.

 

Su hospitalized, Chen Ming-wen starts hunger strike

Yunlin County Commissioner Su Chih-fen remained hospitalized yesterday after being sent to the hospital on Wednesday night for the second time since Nov. 3, when she began a hunger strike to protest her detention over alleged corruption.

 

Business & Industry

 

Chunghwa caught in LCD ‘cartel’ case

Chunghwa Picture Tubes Ltd, Taiwan’s third-largest flat-panel maker, was fined US$65 million by the US Justice Department after agreeing to plead guilty to taking part in a massive international conspiracy to fix the prices of liquid-crystal-display (LCD) panels, the glass display screens on many laptop computers, mobile phones, flat-panel TVs and hand-held devices, such as iPods.

 

Research house cuts forecast on LCD shipments

Market researcher DisplaySearch yesterday trimmed by 4 percent and 7 percent its forecast for global liquid-crystal-display (LCD) shipments this year and next year respectively as consumers tighten spending amid economic turbulence.

 

KOREA HERALD, South Korea

 

Front page

 

Property tax partially unconstitutional

The country's wealthy look to be in for a windfall. The Constitutional Court ruled yesterday that a property tax initiated by then-President Roh Moo-hyun on the richest households is partially unconstitutional.

 

N.K. aims to soften Seoul, experts say

Aggressive moves by North Korea on Wednesday to sever inter-Korean ties are aimed at pressuring South Korea to alter its conservative policy toward the North, experts here say.

 

Business & Industry

 

Ruling shakes up property tax system

Change is coming in the way the country's wealthy households pay real estate taxes.

 

Tycoons, financiers vow to weather crisis

The country's leading business groups yesterday acknowledged the gravity of the challenges facing the country and vowed to cooperate more to find solutions. They agreed to foster a cooperative sprit and invigorate the role of finance consultation centers.

 

NEW STRAITS TIMES, Malaysia

 

Front page

 

Groups: Exams not sole criterion

Parents and teachers agree with the education minister that the future of teaching Mathematics and Science in English should not be decided on the strength of one examination result.

 

Roundtable to decide on switch

The Ujian Pencapaian Sekolah Rendah (UPSR) results are out, but no decision will be made yet on the use of English to teach Mathematics and Science.

 

Business & Industry 

 

TM assures investors

Telekom Malaysia Bhd moved to calm investors yesterday, as it stood firm on its dividend policy and said it has enough cash to reward shareholders next year and beyond, even if there's a hiccup in its growth.

 

SC: Islamic hedge funds in the works

Malaysia is working on a plan to enable the establishment of Islamic hedge funds, the Securities Commission (SC) said.

 

BUSINESS TIMES, Singapore

 

Front page

 

Credit Swiss seeks JV for asset-mgt unit

Credit Suisse is negotiating a possible joint venture with at least one partner for its asset management business, the Financial Times reported on Thursday, citing a person close to the Swiss bank.

 

Fed officials see economic gloom, policy bind

Two top Federal Reserve policy-makers painted a gloomy picture on the US economy on Thursday, on a day when initial claims for unemployment assistance topped half a million people.

 

Business & Industry

 

Asian firms not looking to cut jobs: poll

THE majority of companies in Asia are looking to other avenues to cut costs rather than resorting to lay-offs, according to a survey by professional services firm Towers Perrin.

 

Marina Bay Sands may open in phases

SINGAPORE said on Wednesday it may let Las Vegas Sands open its casino in the city-state in phases from the end of 2009 instead of all at once due to the difficult economic conditions.

 

BANGKOK POST, Thailand

 

Front page

 

No new updates

 

Business & Industry

 

No new updates

 

JAKARTA POST, Indonesia

 

Front page

 

Justice ministry wives ‘received stolen money’

Family members of senior officials implicated in a Rp 400 billion (US$36 million) corruption scandal at the Justice and Human Rights Ministry received part of the stolen money, the Attorney General’s Office said Thursday.

 

Business & Industry

 

Bumi to spend Rp 8t to buy back shares

PT Bumi Resources, Asia’s biggest exporter of power-station coal, will spend Rp 8.25 trillion (US$696.2 million) to buy back shares to boost its falling stock price and ease concerns its recent slide could disrupt the sale of its parent company’s stake.

 

By: Staff Reporter
+44 20 8652 3214

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